00:00Kevin Warsh has been confirmed as the next Federal Reserve chair, winning Senate approval in a 54-45 vote,
00:07the most divisive confirmation in the modern era of the Central Bank.
00:10Only one Democrat, Pennsylvania Senator John Fetterman, crossed party lines to support Warsh,
00:16who takes over from Jerome Powell, whose term as chair expired today.
00:20Warsh inherits an economy where inflation has remained above the Fed's 2% target for over five years,
00:26with wholesale prices soaring 6% in April, driven largely by surging energy costs.
00:32President Trump has made no secret that he expects Warsh to deliver the lower interest rates he's long demanded,
00:39but Warsh will face an uphill battle convincing other Fed committee members to cut.
00:43Warsh's first meeting as chair of the Federal Open Market Committee is scheduled for June 16th.
Comments